What is professional indemnity insurance?
Professional indemnity insurance (PI) is a type of insurance that can protect you in the event that you are sued for any reason. It does not cover personal injury or property damage. The policy will also not pay out if it is determined that the patient was at fault for their own injuries and therefore there is no valid claim against you. Instead, it covers claims based on your professional negligence as a podiatrist.
This means that if a patient or client sues because they feel dissatisfied with the treatment provided by a doctor, nurse, other healthcare professional or therapist who has purchased PI cover then this will be covered within the policy up to specified limits. In addition to this, some policies have an excess amount which means that they will only pay out once this has been met before any other funds are released from an insurer's coffers but this depends on individual providers' decisions so make sure you check what yours is before buying!
Do I need it?
If you are sued for negligence, your indemnity insurance will pay for the legal costs to defend you. This can be expensive and take many years to settle.
Top tips
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Check you are covered for the services you provide.
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Make sure you are covered for the right amount of cover.
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Ensure that any claims can be paid out to the injured party (i.e., patient).
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Make sure your policy is valid in your country, depending on where your practice is located.
Conclusion
So, with the above information in mind, you are now ready to make an informed decision about whether you need professional indemnity insurance. If you do need it, then it is worth doing some research on what types of cover there are available and choosing one which matches your needs. And remember: if you have any doubts about whether or not your practice needs PI insurance, it’s always better to be safe than sorry!